Billionaire hedge fund manager Ken Griffin now controls a full city block in Miami’s desirable Brickell financial district following a unanimous vote by the City of Miami Commission to approve the sale of a historic site to the Citadel CEO.
The nearly $3 million transaction centers on the land beneath the historic James Jackson Cottage, which was constructed in 1905.
For decades, the city-owned property has functioned as the headquarters for the Dade Heritage Trust, a prominent local historic preservation nonprofit. As a part of the deal, Citadel agreed to gift the cottage to the trust and pay for the relocation and maintenance of the property.
Griffin’s pursuit of the land coincides with his plans to build a 54-story global headquarters for Citadel in the neighborhood. Over the past several years, he’s been amassing property along the same stretch.
In 2022, he purchased the 2.5-acre property at 1201 Brickell Bay Drive for $363 million. Earlier this year, he purchased Solaris, a 22-story condominium property on the same block, after buying up the individual units in the building one by one for a reported $125 million.
His plan is to demolish the building and other properties to build a live-work complex, replete with 300 apartments and a 1,400-unit parking garage. The complex will include restaurants and a public waterfront terrace.
According to Citadel Chief Workplace Officer Paul Darrah, Griffin initially planned to also build a luxury hotel, but has decided to build additional office space instead.
Griffin moved his company to Miami from its former headquarters in Chicago in 2022. In public remarks, he has praised Florida’s pro-business regulatory environment, and criticized Chicago as having a problem with crime.
Griffin is among several business leaders who have decided to settle in Florida, finding the tax advantages and the business-friendly political environment favorable.
When Citadel relocates to Brickell, it’ll be in good company: Microsoft, Banco Santander, and Google all have regional headquarters in the neighborhood. Where the national office vacancy rate is around 17.6%, the vacancy rate in Brickell is only 3.7%.
Nearby, in Miami’s Wynwood neighborhood, Palantir, Apple, Uber, and Verizon have all set up shop.
And for wealthy corporate workers with money to burn, they’re finding that their dollars tend to go further.
“A $5 million budget in Miami can still go very far compared with other big cities out of state, so buyers coming from those markets are recalibrating pretty quickly once they arrive,” Chris Wands, founder of The Wands Team at Douglas Elliman, previously told Realtor.com.
The median home listing price in Brickell is $739,000, while the median listing price in Wynwood is $763,000.
